SMID Cap Value Q1 2022


Download the Factsheet
40 to 50

companies in our fully invested, concentrated portfolio

18

year track record

$442

million SMID Cap Value assets under management as of 3/31/2022

103%

upside market capture ratio since inception (1/1/04)

99%

downside market capture ratio since inception (1/1/04)

  • Guides

    Philosophy

    • Fundamentals drive stock prices
    • Capital preservation improves returns
    • Culture shapes investment decisions
  • Shapes

    Process

    • Thorough, proprietary research by career analysts
    • Focus on valuation and risk controls
    • Team environment – group discussion/analyst decision
  • Generates

    Portfolio

    • Concentrated and diversified
    • Long-term/low turnover
    • Fully invested/limit on cash
  • Performance

    • Consistent pattern of results
    • Objective: Outperform the benchmark over the longer term

SMID Cap Value

Quarter 1 2022

Equity Composite Performance

  • Cooke & Bieler - Gross of Fees
  • Cooke & Bieler - Net of Fees
  • Russell 2500™ Value Index
Annualized Returns As of 3.31.2022 Source: Factset and Russell® Past Performance is not indicative of future results Taxable client returns may vary from the results above due to tax-efficient portfolio management and higher fee schedules that result from lower portfolio minimums. Click for additional C&B SMID Cap Value Performance Disclosures

Quality Characteristics1

  • C&B SMID Cap Value
  • Russell 2500™ Value Index*
ROC 5 Year Avg Cash Interest Coverage Debt/EBITDA Forecasted P/E** P/Normalized Earnings**
11.8% 7.4x 3.1x 11.6x 11.7x
6.6% 5.9x 2.8x 15.2x -
ROC 5 Year Avg 11.8% 6.6%
Cash Interest Coverage 7.4x 5.9x
Debt/EBITDA 3.1x 2.8x
Forecasted P/E** 11.6x 15.2x
P/Normalized Earnings** 11.7x -
Period Ending: 3.31.2022 * Median ** Weighted Harmonic Mean Source: Factset and Russell®

Portfolio Attributes1

  • C&B SMID Cap Value
  • Russell 2500™ Value Index
# Holdings Market Cap ($B) Range Market Cap ($B) Wtd Avg Annual Turnover
45 0.8 - 18.3 6.8 27%
1,865 0.01 - 43.3 8.1 -
# Holdings 45 1,865
Market Cap ($B) Range 0.8 - 18.3 0.01 - 43.3
Market Cap ($B) Wtd Avg 6.8 8.1
Annual Turnover 27% -
Source: Factset and Russell®

Top 10 Holdings1

Arrow Electronics 3.8%
Helen of Troy 3.4%
Globe Life 3.3%
Gildan Activewear 3.3%
Arch Capital 3.0%
Plexus 2.9%
Winnebago 2.8%
Colfax 2.8%
Syneos Health 2.7%
Gentex 2.7%

Top 10 Holdings1

Arrow Electronics 3.8%
Helen of Troy 3.4%
Globe Life 3.3%
Gildan Activewear 3.3%
Arch Capital 3.0%
Plexus 2.9%
Winnebago 2.8%
Colfax 2.8%
Syneos Health 2.7%
Gentex 2.7%

Sector Weights1

  • C&B SMID Cap Value
  • Russell 2500™ Value Index
  • Communication Services

    C&B SMID Cap Value
    Russell 2500™ Value Index
    3.0%
  • Consumer Discretionary

    C&B SMID Cap Value
    19.1%
    Russell 2500™ Value Index
    8.7%
  • Consumer Staples

    C&B SMID Cap Value
    1.1%
    Russell 2500™ Value Index
    3.3%
  • Energy

    C&B SMID Cap Value
    Russell 2500™ Value Index
    7.3%
  • Financials

    C&B SMID Cap Value
    19.6%
    Russell 2500™ Value Index
    20.2%
  • Health Care

    C&B SMID Cap Value
    10.8%
    Russell 2500™ Value Index
    7.8%
  • Industrials

    C&B SMID Cap Value
    27.8%
    Russell 2500™ Value Index
    17.2%
  • Information Technology

    C&B SMID Cap Value
    11.0%
    Russell 2500™ Value Index
    8.2%
  • Materials

    C&B SMID Cap Value
    3.8%
    Russell 2500™ Value Index
    7.9%
  • Real Estate

    C&B SMID Cap Value
    Russell 2500™ Value Index
    12.4%
  • Utilities

    C&B SMID Cap Value
    2.3%
    Russell 2500™ Value Index
    4.1%
  • Cash

    C&B SMID Cap Value
    4.5%
    Russell 2500™ Value Index
Source: Factset and Russell®

Market Commentary

Download Commentary

Stocks turned in their worst performance since the onset of the pandemic two years ago as investors processed a seeming tsunami of bad news and pushed all major indices into negative territory. The Russian invasion of Ukraine signaled not just the largest European war in 75 years, but perhaps the most aggressive sanctions regime in history.

Amidst another tumultuous quarter, Cooke & Bieler’s SMID Cap Value Strategy underperformed the Russell 2500™ Value Index, posting -8.08% gross of fees (-8.29% net of fees) against a -1.50% return for the benchmark.

Additional Cooke & Bieler SMID Cap Value Disclosures